Industrial Revolution
What invention helped revolutionize transportation in the Industrial Revolution?
Steam Engine
What is the economic system where private businesses run most industries?
Capitalism
Who is known as the “Father of Capitalism”?
Adam Smith
Who often worked in dangerous factory jobs during the Industrial Revolution?
Women and children
What was the goal of early labor unions?
To improve wages, hours, and conditions
What industry was the first to be mechanized during the Industrial Revolution?
Textiles
What was the earlier system that focused on accumulating gold and maintaining a favorable trade balance?
Mercantilism
What book did Karl Marx and Friedrich Engels write together?
The Communist Manifesto
What type of areas grew rapidly as people moved for factory jobs?
Cities (urban areas)
What term describes the economic struggle between social classes?
Class struggle
Name one major effect of the Agricultural Revolution.
Increased food production, population growth, or migration to cities
What is the idea of the government not interfering with the economy called?
Laissez-faire
What idea did Robert Owen promote for creating better living and working conditions for factory workers?
Utopian Socialism
What were the living conditions like for most factory workers?
Crowded, dirty, poor sanitation
What revolution inspired Marx and Engels to write about economic systems?
The Industrial Revolution
What were factories like for workers during the early Industrial Revolution?
Long hours, low pay, unsafe conditions
What is the name for the ups and downs in a capitalist economy?
Business cycle
According to Marx, what are the two main classes in a capitalist society?
Bourgeoisie and Proletariat
What type of labor organization developed from traditional guilds?
Trade unions
What is a classless, stateless society called according to Marxist theory?
Communism
What was the name of the movement where people destroyed machines they believed threatened their jobs?
Luddite Movement
In a socialist system, who typically controls the means of production?
The government or the community as a whole
What did Adam Smith believe about the role of competition in the economy?
It benefits consumers and improves products and prices
What was one health problem that spread quickly in industrial cities?
Cholera, tuberculosis, etc.
Name one reason communist revolutions happened in the 20th century.
Poverty, inequality, exploitation by ruling classes